我国新三板市场信息披露的违规性分析

发布时间：2018-08-23 09:27

【摘要】：信息一直以来在资本市场中扮演着非常重要的角色,一个完善而有效的信息披露体系是建立高效、健康的市场管理制度的重要基础和前提。在资本市场中,信息披露已成为市场参与者进行全面沟通信息的桥梁。真实、准确、完整和及时的信息披露不仅有利于促进企业的健康发展,提高资本市场运行效率,而且还有助于投资者作出合理的投资决策,降低投资风险。我国新三板市场的设立、发展改变了我国资本市场“倒金字塔”的状况,弥补了我国资本市场体系短缺的一块。近年来新三板企业挂牌数量激增,已进入“万家灯火”时代,但是新三板信息披露水平却不容乐观,加之我国新三板发展历程短暂,在制度建设、法律法规制定、挂牌企业自身、监管方面不够完善,所以出现了很多违规性披露。因此,分析研究新三板市场违规性披露不仅能规范信息披露主体的行为,强化信息披露质量,更重要的是有利于加快新三板市场建设,推动众多中小微企业的健康有序发展,最终强化我国资本市场体系。本文的主要内容是从新三板的“先天不足”出发,分析新三板的现状为下文研究信息披露做铺垫;接着阐述信息披露内涵、委托代理理论、信息不对称理论、有效市场假说等内容,进一步论证信息披露在新三板市场中的重要性;再者,分析我国新三板市场信息披露存在的违规问题,并结合具体案例进行分析,然后对比主板市场信息披露找到提高我国新三板市场信息披露质量的途径和方法;最后通过加强挂牌公司机制建设、加大违规处罚力度和提高违规成本、提升中介机构信用水平等措施,以此完善我国新三板信息披露制度,减少信息披露违规现象的发生。最终提高我国新三板市场信息披露质量,进而完善我国多层次、高水平的资本市场体系。
[Abstract]:Information has always played a very important role in the capital market. A perfect and effective information disclosure system is an important foundation and prerequisite for the establishment of an efficient and healthy market management system. In the capital market, information disclosure has become a bridge for market participants to communicate information. True, accurate, complete and timely disclosure of information is not only conducive to promoting the healthy development of enterprises and improving the efficiency of the capital market, but also helps investors to make reasonable investment decisions and reduce investment risks. The establishment of the new third board market in China has changed the situation of the "inverted pyramid" of China's capital market and made up for the shortage of the capital market system in our country. In recent years, the number of new third board companies has increased dramatically, and they have entered the era of "light in every house". However, the level of information disclosure on the new three boards is not optimistic. In addition, the development of the new three boards in China is short, the system construction, the formulation of laws and regulations, Listed enterprises themselves, supervision is not perfect, so there are a lot of illegal disclosure. Therefore, analyzing and studying the illegal disclosure of the new third board market can not only standardize the behavior of the main body of information disclosure, strengthen the quality of information disclosure, but also accelerate the construction of the new third board market and promote the healthy and orderly development of many small, medium and small enterprises. Finally, strengthen the capital market system of our country. The main content of this paper is to analyze the present situation of the new three boards from the "innate deficiency" of the new three boards, and then to elaborate the connotation of information disclosure, the theory of principal-agent, the theory of asymmetric information. The effective market hypothesis, etc., to further demonstrate the importance of information disclosure in the new third board market; furthermore, to analyze the problems existing in the information disclosure of the new third board market in China, and to analyze the specific cases. Then compare the main board market information disclosure to find ways and methods to improve the quality of information disclosure in the new third board market of our country. Finally, by strengthening the construction of listed company mechanism, we will increase the penalties for violations and increase the cost of violations. In order to improve the credit level of intermediary organizations and improve the information disclosure system of the new three boards in China, the phenomenon of information disclosure violations will be reduced. Finally, we can improve the quality of information disclosure in the new third board market and perfect our country's multi-level and high-level capital market system.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】